logo-loader
Basic MaterialsChemicals
Victrex

Victrex posts good first half results but warns tougher times ahead

fighterjet350_5526632e7eece.jpg

Highly rated specialist plastics group Victrex (LON:VCT) gave its fans mixed news today.

First half results to March were good but it warned a tougher second half lay ahead.

The group produces PEEK, a highly resistant form of plastic which is used to make parts in a number of industries including aerospace and medical.

Broker JP Morgan said: “Victrex’s pre-close trading statement continues the positive theme of the year so far.”

It has raised the company’s target price to 1,900p from 1,800p to “reflect the stronger than previously anticipated volume development.”

Interim revenues were £130mln, 9% higher than at the halfway stage a year ago but they lagged volumes that rose by 28% up to 2,208 tonnes despite lower sales into the oil and gas industry.

The Invibio medical business also recorded lower revenue, 4% lower than in the first half of 2014. 

David Hummel, chief executive said overall it was a good first half performance, but the comparisons with last year get tougher from here. 

Shares in Victrex shed 1% to 2,020p.


Quick facts: Victrex

Price: £19.98

Market: LSE
Market Cap: £1.73 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Brickability Group PLC looks to raise £57mln as it lists in London

Brickability Group PLC's chairman John Richards chats to Proactive's Andrew Scott ahead of the firm's listing next week in London. It plans to raise £57mln as part of the initial public offering, valuing it at around £150mln. The Bridgend-based company, which counts Redrow plc (LON:RRW)...

11 hours, 53 minutes ago

2 min read